Chile-based InsurTech Betterfly extends its Series A by $9m

Chile-based InsurTech startup Betterfly has reportedly collected an additional $9m for its Series A, bringing the round total to $17.5m.

The company previously announced it secured $8.5m in Series A funding in July 2020, according to a report from Crowdfund Insider.

QED Investors acted as the lead investor, it said.

With the capital injection, the InsurTech is planning to deepen its product offering, reach more businesses, create embedded insurance policies and expand across Latin America. The company is initially focusing on the Brazil market, it said.

Betterfly is a life insurance platform for employees. Businesses can use the InsurTech to offer life insurance cover to their employees, transform healthy habits into charitable donations and offer a variety of wellbeing tools and services.

Late last year, fellow digital platform for health insurance company LifeRaft reportedly netted $3.5m in its seed round. The company is using the capital to increase its product development efforts.

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